Research On The Information Disclosure System Under The Stock Issuance Registration System

Information disclosure is the soul of the registration system, look at the countries around the world to implement the stock issuance registration system, they all have set up a strict information disclosure system to match. Therefore, with the advancement of China's stock issuance registration system reform, we should listed companies' information disclosure system, in order to create the basic environment for the implementation of a registration system.From the basic issues of the registration system reform, this paper points out that the information disclosure system is the key to registration system reform, through the elaboration of the basic content of the information disclosure system, and analyzes the differences of information disclosure system under the two systems of approval system and registration system. Then, by learning lessons from the information disclosure system of the United States, and combined with the actual situation in our country, this paper puts forward recommendations for improving information disclosure system of China. Text of this paper is divided into four parts:The first part is the explanation of the basic issues of the registration system reform. In this part, the author makes a brief exposition of the background and the core of the registration system reform and the difference between registration system and approval system. The author believes that the key to the issue of stock is how to sell the stock out, can the stock sold is mainly determined by three factors: marketing, quality and price. Because these three factors are relied on full disclosure of information, perfecting the information disclosure system is necessary for the registration system reform.The second part is the comparison of information disclosure under the two systems of registration system and approval system. Through the analysis of the main contents of the information disclosure system, the author points out that the information disclosure system containing the above contents, whether it is the state of registration system or the approval system, but there are huge differences in the basic concept of information disclosure, the role of information disclosure, as well as the government regulatory means under the two systems. Therefore, in order to adapt to the stock issuance registration system, it is necessary to adjust the information disclosure system.The third part is the supervision of information disclosure regulation under the registration system. In this part, through the investigation of the information disclosure system in the United States, the author believes that the information disclosure system under the registration system is not an information reporting system. Securities regulatory body still need to carry out substantive examination, in order to supervise the disclosure of information. The author puts forward suggestions for the construction of information disclosure regulatory system in China, and hopes that the regulatory system can ensure the effectiveness of information disclosure, and can guarantee the rationality of the scope of government power.The fourth part is suggestions on improvement of information disclosure system under the registration system reform. In this part, the author first analyzes the problems existing in the information disclosure system under the current approval system. These problems mainly refer to, the quality of information disclosure is not high, the investor's ability to identify information is poor, the intermediary institutions play a weak role, the lack of effectiveness of government regulation and so on. Then, the author puts forward some suggestions to improve the information disclosure system of our country, which mainly include: establishing the investor demand-oriented basic concept of information disclosure system; establishing differential information disclosure system, improving information disclosure standards; strengthening the role of intermediary institutions; reforming the government regulatory methods; establishing strict liability system of illegal information disclosure. Through these methods, to ensure that the information disclosed by the issuers is true, accurate, complete and effective.